Protect Your Real Estate With A Knowledgeable Estate Planning Attorney
Real property can be a source of pride and security. Unfortunately, it can also trigger family disputes in the event of your death or incapacity. A thorough estate plan can prevent your loved ones from fighting over your home. It may also help keep the property out of probate, minimize taxes and protect your most valuable asset in the event of incapacity.
At Bogutz & Gordon, PC, we have helped those in Tucson plan how to protect their homes and their loved ones since 1984. We understand Arizona’s unique property laws and can help you create the most effective documents given your wishes and holdings.
What Estate Planning Tools Can Help?
A will names who inherits real property and how it transfers to that beneficiary after your passing, but does not keep your home out of probate court.
A transfer-on-death deed or beneficiary deed allows the transfer of your primary residence directly to a selected beneficiary. The beneficiary inheriting the home also becomes responsible for mortgages and other liens, which may mean they have to refinance.
A revocable living trust allows you to maintain control over the property until your passing or incapacitation. At that point, your successor trustee can manage the property to preserve it for beneficiaries or transfer ownership to them.
If you want to leave your home to your spouse, a community property agreement can validate their interest in the property. You can establish rights of survivorship that allow them to inherit the home without probate court delays.
Addressing Vacation Homes And Investment Properties
If you own vacation homes or investment properties in another state, you may need to plan for ancillary probate proceedings and for the management of those properties after your incapacitation or death. If you own rental properties, a succession plan for your business interests can help ensure the continuity of the rental enterprise. Additionally, establishing a limited liability company (LLC) can help protect your real estate holdings and allow for a smooth transition of management.
Don’t Wait To Create An Estate Plan
Without advance planning, Arizona intestate succession laws will determine who inherits your home. The Bogutz & Gordon, PC, team is ready to serve as your estate planning attorneys for real estate in Tucson. Call us today at 520-321-9700 or submit our online contact form to schedule a complimentary first consultation.